Snowball sails off with P&O deal
The Snowball Group has scored a valuable deal to provide financial planning services to global shipping firm P&O, which employs 6000 staff across Australia.
As a result of the deal, Snowball will enhance its existing client base by providing face-to-face financial services to P&O employees across the nation. Snowball is one of two firms servicing P&O staff, withWatson Wyattalready providing superannuation and fund administration services to P&O employees.
The decision at P&O to provide staff with access to financial advisory services was based on a recognition that individuals are becoming more responsible for funding their own retirement.
“A fundamental shift is occurring, namely that responsibility for retirement income has now shifted almost entirely from the state to the individual,” P&O manager of human resources Joe Fischer says.
“The problem for the individual is that during the long accumulation phase, in most super funds he or she does not receive financial advice, has not set realistic goals and cannot effectively monitor progress towards these goals.”
Snowball hopes to see other large companies recognise the importance of providing staff with access to financial planning services.
“It is encouraging that companies of substance and prestige such as P&O are empowering their employees to manage their own financial and retirement destinies in addition to the benefits they receive from their company super fund,” Snowball managing director Tony McDonald says.
As part of the deal, Snowball’s specialist financial planning business, CIS Financial Services, will host regular educational seminars for P&O staff, who will also be given access to Snowball’s financial advisory website.
In other deals this year, Snowball announced its appointment to manage a super fund worth $30 million on behalf of textiles firm Charles Parsons Group, which employs 700, while in May the firm became the sole provider of financial planning services to 25,000 members of the Australian Human Resources Institute.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
